Lloyds Banking Group Plc was fined 4.3 million pounds ($6.66 million) by the U.K. financial regulator for making late compensation payments to customers who were improperly sold payment-protection insurance.
Lloyds Banking Group Plc’s ex-chief executive officer said the firm’s payment protection insurance sales practices put it “on the side of the angels” even after setting aside $8.2 billion to redress missold products.
Lloyds Banking Group Plc started to plan for Chief Executive Officer Eric Daniels ’s departure in March. Six months on, Daniels is preparing to retire and the lender is no closer to finding his replacement.
Lloyds Banking Group Plc , Britain’s biggest mortgage lender, named Antonio Horta-Osorio as chief executive officer, depriving Banco Santander SA of the executive preparing its U.K. division for an initial public offering.
Lloyds Banking Group Plc’s former chief executive officer, Eric Daniels, will lose 40 percent of his final bonus as he and 12 other current and former executives were penalized for improper sales of insurance products.